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Toyota cuts FY'20 outlook despite strong Q1; Trucks help GM deliver Q2 beat

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Toyota cuts FY'20 outlook despite strong Q1; Trucks help GM deliver Q2 beat


* Toyota Motor Corp. trimmed its outlook for fiscal year 2020 due to the stronger yen despite posting a rise in first-quarter earnings that beat analysts' expectations. The Japanese carmaker now expects a 14.2% rise in net income attributable to the company to ¥2.150 trillion versus its previous forecast of a 19.5% increase to ¥2.250 trillion, issued in March. For the quarter ended June 30, the company's attributable net income climbed 3.9% year over year to ¥682.97 billion, beating S&P Global Market Intelligence consensus GAAP net income estimate of ¥628.84 billion.

* Strong pickup truck performance in North America drove General Motors Co.'s second-quarter earnings above Street estimates. The Detroit-based automaker, however, reported a 60.30% drop in equity income from China to $235 million in the quarter. The company expects vehicles sales in China to remain weak through the second half. CEO Mary Barra said China is a "very important part" of GM's electrification strategy as it will help it scale. The company is also willing to cooperate with other automakers to develop electric vehicles.


* Shares of Ferrari NV sank despite the company saying full-year revenue and adjusted EPS would be at the high end of its forecast range following better-than-expected second-quarter results. The company posted adjusted diluted EPS of 96 euro cents, a 14% jump from a year ago and beating S&P Global Market Intelligence consensus EPS estimate of 94 cents with four analysts reporting. Net revenue rose 9% to 984 million, driven by an 8% jump in shipments to 2,671 vehicles. Ferrari's Milan-listed shares were briefly halted after dropping 6.9%, Reuters reported, and were down more than 4% in lunchtime trading.

* Honda Motor Co. Ltd. lowered its profit outlook for fiscal 2020 after reporting weaker-than-expected earnings that fell 29.5% for the fiscal first quarter ended June 30. The Japanese automaker now expects profit attributable to owners of the parent to grow 5.7% to ¥645 billion, or ¥366.57 per share, compared with an earlier forecast of an 8.9% growth to ¥665 billion, or ¥377.94 per share, for the fiscal year ending March 31, 2020.


* Nidec Corp. will form a joint venture with GAC Components Co. Ltd., a subsidiary of Chinese carmaker Guangzhou Automobile Group Co. Ltd., to develop low-cost traction motors for electric vehicles. Nidec will own 51% of the venture, while GAC Components will hold the remaining 49%.

* Tesla Inc. is facing a second lawsuit over a death related to its Autopilot driver-assistant feature, The Verge reported, citing an announcement by the lawyer of the victim's family.

* Tesla is planning to test a solar roof at its Fremont, Calif., car plant, CNBC reported, citing a building permit issued to the company.


* Volkswagen AG will recall 144,092 Audi AG vehicles sold in the U.S. over malfunctioning passenger airbags, expanding a previous recall notice in June, which covered 265,137 Audi vehicles. The safety recall affects some of Audi's 2018 model year S5, S4 and A5 vehicles and 2017-2018 model year A4 vehicles.

* Kia Motors Corp. will recall a total of 11,423 Optima vehicles of model year 2019 in the U.S. over concerns that a software error could cause the car's braking systems to fail.

* The San Francisco Municipal Transportation Agency opened up the application process for electric scooter service providers, including Uber Technologies Inc., Lyft Inc. and Bird, to move beyond the testing phase and deploy their respective scooters as part of a more permanent program. The permits will only be valid for about one year, "reflecting the rapid pace at which the scooter industry continues to evolve," according to a blog by the watchdog. The agency expects to start issuing permits in early fall 2019.


* Germany's ZF Friedrichshafen AG cut its 2019 outlook, citing a downturn in the global automotive market. ZF now anticipates group sales of between €36 billion and €37 billion, compared with previously anticipated group sales of between €37 billion and €38 billion. The company trimmed its adjusted EBIT margin outlook to 4%-5%, from 5%-5.5%. The auto parts maker posted sales of nearly €18.4 billion in the first half and adjusted EBIT stood at about €650 million.

* Italian tire-maker Pirelli & C. SpA cut its revenue guidance for the second time this year, joining a string of suppliers hit by a broader auto industry decline. Revenues are expected to grow by between 1.5% and 2.5%, compared with previous guidance of growth between 3% and 4%. For the first half, Pirelli posted 10% year over year growth in adjusted net income to 255.9 million.


* Toyota Motor North America reported 0.2% growth in sales in July to 209,204 vehicles. The company's namesake division posted 0.4% growth in sales to 184,179 vehicles, while its Lexus business saw sales drop 1.5% to 25,025 vehicles.

* Daimler AG's Mercedes-Benz led the U.S. luxury car monthly sales charts in July, surpassing rival luxury-car maker BMW AG's namesake brand. Mercedes-Benz U.S. sales grew 22.9% to 24,612 vehicles, while BMW sales in the country rose 4.7% to 23,015 vehicles.

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The day ahead

Early morning futures indicators pointed to a lower opening for the U.S. market.

In Asia, the Hang Seng dipped 2.35% to 26,918.58, and the Nikkei 225 declined 2.11% to 21,087.16.

In Europe, around midday, the FTSE 100 was down 1.69% to 7,456.63, and the Euronext 100 was down 2.42% to 1,060.63.

On the macro front

The motor vehicle sales consensus, the employment situation report, the international trade report, the consumer sentiment report, the factory orders report and the Baker-Hughes Rig Count report are due out today.

Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open.

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